PLP - Marlborough Property Valuation and Hawke's Bay Update

PLP – Marlborough Property Valuation and Hawke’s Bay Assets Update
21 September 2026
Marlborough Vineyards Valuation
In its role as manager of the Private Land and Property Portfolio (PLPP, the wholesale fund into
which the PLP invests) Booster Investment Management Limited (BIML) regularly considers the
appropriateness of the valuation of the properties within the portfolio and obtains independent
valuations to support its considerations.
An independent valuation report was commissioned for the four vineyard properties in Awatere
Valley, Marlborough. Prior to this update, the investment represented approximately 10% (by
value) of the assets owned by the wholesale fund.
In consideration of the completed valuation report, the manager has adopted a $7.84 million
decrease in the value of the properties. This represents a 3.9% decrease in the net asset value
of PLP, decreasing the most recent net asset value (the unit price at which units are issued by
the manager) from $1.285 per unit to $1.235. These adjustments will be reflected in the 17
September 2026 unit price, which will be issued on 21 September 2026.
The decrease in value is associated with continued weakness in the Marlborough viticulture
sector. Lower demand for vineyard assets, reduced grape returns, tighter financing conditions
and ongoing uncertainty within the wine industry have resulted in lower vineyard values across
the region. While the underlying vineyards remain productive and well-maintained, the valuer
concluded that current market conditions and recent sales evidence support a lower valuation
than previously adopted.
Hawke’s Bay Vineyards and Winery Update
On 7 July 2026, BIML announced that it had been approached by Booster Wines Limited, the
General Partner of Booster Wine Group Limited Partnership (BWG), about a proposed
restructuring of its Hawke’s Bay operations. This included BWG proposing to exit its vineyards
and winery operations in Hawke’s Bay, including the vineyards and winery currently leased from
PLPP.
BWG’s proposal is still being progressed and BIML will update the market when there is further
information available. BIML is currently evaluating a range of options in relation to the
properties, including partial or full sale, and no final decision has been made.
Investors can continue to purchase units in PLP on the NZX or can subscribe for units in the
fund as part of the process described in the fund’s Product Disclosure Statement (PDS) that is
available at www.booster.co.nz

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For further information regarding PLP visit www.booster.co.nz/booster-investments/private-
land-and-property-fund

For more information, please contact:
Gary Scott
Company Secretary
Booster Investment Management Limited
04 8944300

About Booster
Booster Investment Management Limited (BIML) is the manager and issuer of the Fund, and part
of the Booster Group which has been helping New Zealanders save since 1998. The group
currently administers superannuation and investment funds of over $8 billion on behalf of more
than 200,000 New Zealanders.
PLP is a managed investment fund that invests in land and property-based investments by
investing in units in Booster’s Private Land and Property Portfolio. PLP only holds these units.
For more information, including a copy of the Product Disclosure Statement and the latest net
asset value per unit, please visit www.booster.co.nz